BoI revises interest on FCNR deposits

The Bank of India has revised the interest rates on Foreign Currency Non-Resident deposits in US dollar and Euro currencies with effect from Tuesday.

For US dollar deposits of one year to less than two years the rate would be 1.25 (as against 1.12 per cent), for less than three years 1.9 per cent (1.92 per cent) and 2.48 per cent (2.49 per cent) for three years, BoI said on Monday.

For British pound deposits, it is 4.59 per cent (4.51 per cent), 4.66 per cent (4.76 per cent) and 4.75 per cent (4.85 per cent), the release added.

For Euro deposits, the rate is 1.87 per cent (1.82 per cent), 2.21 per cent (2.29 per cent) and 2.56 per cent (2.63 per cent), the release said, adding that there was no change in the interest rate for the Japanese yen.